Cooperation procedure in If P&C Insurance Compa...

SAMPO PLC         STOCK EXCHANGE RELEASE  30 December 2014 at 10.15 am

Cooperation procedure in If P&C Insurance Company completed

If P&C Insurance Company Ltd (Finland), a company belonging to Sampo Group, has completed the cooperation procedure, which began on 18 November 2014.  The procedure involved approximately 340 staff members, of which 200 persons in Sales and Services Unit at Business Area Private and 140 persons in IT. As a result of the procedure 122 persons will leave If P&C, of which 73 employment contracts will end by voluntary agreements, 44 by retirement arrangements and 5 by dismissals. The personnel in IT functions will decline by 18 persons.

The purpose of the procedure in Sales and Services was primarily to reorganize the operations because of the tightening competition and not to reduce the number of employees. Therefore If P&C is in the process of recruiting new employees to Sales and Services Units in Turku and Espoo. The procedure regarding the IT functions is a result of a Nordic level reorganization and a migration to Nordic wide systems.

On 30 September 2014 the number of employees in If P&C Insurance Company (Finland) was 1,742 and in the Nordic If P&C Insurance Group 6,170 people.

SAMPO PLC

Jarmo Salonen
Head of Investor Relations and Group Communications
tel. + 358 10 516 0030

For further information, please contact:

Timo Vuorinen
Managing Director, If Finland
tel. [phone]

Distribution:
Nasdaq Helsinki
The principal media
Financial Supervisory Authority
www.sampo.com

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Source: Sampo Oyj via Globenewswire

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